Inox Green Energy Services Ltd

About the Company:

Inox Green Energy Services Ltd is one of the major wind power operation and maintenance (“O&M”) service providers within India.

Company is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (“WTGs”) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs.

Company has a stable annual income owing to the long-term O&M contracts that we enter into with our customers.

Company is a subsidiary of Inox Wind Limited (“IWL”), a company which is listed on the National Stock Exchange of India Limited and BSE Limited, and part of the Inox GFL group of companies (“Inox GFL Group”).

As of June 30, 2022, company’s O&M services portfolio consisted of an aggregate 2,792 MW of wind farm capacity and 1,396 wind turbine generators.



About Inox Wind Limited:

Company enjoy synergistic benefits as a subsidiary of Inox Wind Ltd, which is principally engaged in the business of manufacturing wind turbine generators and providing turnkey solutions by supplying wind turbine generators.

Company also offers a variety of services including wind resource assessment, site acquisition, infrastructure development, EPC of WTGs, and, through our Company, providing long-term O&M services for wind power projects.

Pursuant to an exclusivity agreement between IWL and our Company, we provide exclusive O&M services for all WTGs sold by IWL through the entry of long-term O&M contracts between the WTG purchaser and ourselves for terms which typically range between five to 20 years.

Due to this exclusivity agreement, IWL’s order book is an important indicator of future revenue and growth for our Company.



About Inox GFL Group:

Company is a member of the Inox GFL Group, which principally operates in the speciality chemicals and renewable energy sectors and has historical connections with the wider Inox Group which commenced operations in 1923.

The Inox GFL Group includes three publicly listed companies, namely Gujarat Fluorochemicals Limited (“GFL”), Inox Wind Energy Limited and Inox Wind Ltd.

The Inox GFL brand and generally, Inox, are recognized in India and we believe that its long operating history and business relationships instil confidence in our customers who prefer dependable and established service providers for capital intensive and long-term projects such as wind farms.



Company’s Customers:

Company has a diversified customer base, some of whom we have enjoyed business relationships with between five and nine years, comprising private companies, independent wind power producers, power utilities and government organizations in India, to whom we provide wind farm O&M services.

Company’s customers comprise large IPPs, PSUs and retail customers, such as Gujarat Fluorochemicals Ltd, Continuum Power Trading (TN) Pvt Ltd, Gujarat Industries Power Company Ltd, Torrent Power Ltd, Shree Cement Ltd., Integrum Energy, Sri KPR Infra & Projects Limited, Markdata Green Energy Pvt Ltd, Roha Dyechem Pvt. Ltd. and Amrit Bottlers Pvt Ltd.


Competitors in the Business:

Company’s primary competitors include Siemens Gamesa Renewable Energy, S.A., Enercon GmbH, GE and Vestas India, Renom Energy Services LLP, SKF Limited, Windcare India Pvt. Ltd. and Kintech Engineering.



Management Team:

  1. Mr. Manoj Shambhu Dixit (Designation: Whole-time Director)
  2. Mr. Mukesh Manglik (Designation: Whole-time Director)




Objectives of the Issue:

Offer for Sale: (Rs. 370 cr)

  • Each of the Selling Shareholders will be entitled to the proceeds of the Offer for Sale. Company will not receive any proceeds from the Offer for Sale.


Fresh Issue: (Rs.370 cr )

  • Repayment and/ or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of Secured NCDs in full.
  • General corporate purposes.



Comparison with listed industry peers:

There are no listed companies in India that are comparable in all aspects of business and services that company provides. Hence, it is not possible to provide an industry comparison in relation to the Company.



Positives for the Company:

Strong and diverse existing portfolio base.

  • As of June 30, 2022, company’s portfolio of O&M contracts (consisting of both comprehensive O&M contracts and common infrastructure O&M contracts) covered an aggregate of 2,792 MW of wind projects spread across eight wind-resource rich states in India with an average remaining project life of more than 20 years.



Established track record, favourable national policy support and visibility for future growth.

Company has an established track record in the wind energy O&M industry of more than nine years due in large part to the synergistic relationship we share with our parent company, IWL, which commenced operations in the wind energy space in the financial year ended March 31, 2010.


Supported and promoted by parent company, Inox Wind Ltd.

  • Inox Green Energy Services Ltd parent company, IWL, together with its group companies, is one of India’s notable WTGs manufacturers which provides wind energy turnkey solutions across India.
  • Its service offerings include wind resource assessment, wind site acquisition, infrastructure development, EPC and it has an installed capacity of approximately 2,792 MW as of June 30, 2022.
  • IWL has manufacturing facilities in Gujarat, Himachal Pradesh and Madhya Pradesh and clientele which includes various IPPs, PSUs and corporates.


Exploring opportunities to expand our portfolio and scale our operations.

  • In addition to growing our portfolio through the entry of new long-term O&M contracts with customers who purchase IWL’s WTGs, we plan to expand our portfolio to also provide O&M services for WTGs which are not manufactured by IWL.
  • Company intends to do this by leveraging on both our and our parent company’s existing customer base who use both IWL’s WTGs as well as WTGs manufactured by other wind OEMs.



Financials of the Company:

(in Crores) FY 20 FY 21 FY 22 30th June 2022
Revenue 172.1 186.2 190.2 63.1
Net Profit (-52.1) (-153.5) (-93.1) (-11.5)



IPO Details:

Details Info
Issue Opens on 11th November 2022
Issue Closes on:. 15th November 2022
Issue Price Rs.61 – 65
Face Value Rs.10
Retail Category Allocation 10%
Minimum Lot 230 Shares
Minimum Investment Rs.14,950
Issue Constitutes 38.99%
Issue Size Rs.740 cr ($89 million)
Market Cap Rs.1527 cr ($154 million)
Listing at NSE & BSE
Equity Shares Offered (Fresh) 5,69,23,076
Equity Shares Offered (OFS) 5,69,23,076
Equity Shares Offered (Fresh + OFS) 11,38,46,152
Equity Shares Prior to the Issue 23,50,16,258
Equity Shares after the issue 29,19,39,334

Also Read : List of Upcoming IPO’s in India.
Also Read : List of Upcoming SME IPO’s in India.


Important Dates:

Finalization of Basis of Allotment on or Before 18th November 2022
Initiation of Refunds on or Before 21st November 2022
Credit of Equity Shares: on or Before 22nd November 2022
Listing Date: on or Before 23rd November 2022



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
(-0.25) Not Applicable (-0.61%) 34.32



Company Contact Info:
Inox Green Energy Services Ltd
Survey No. 1837 & 1834 At Moje Jetalpur
ABS Towers, Second Floor
Old Padra Road, Vadodara- 390 007
Gujarat, India.
Telephone: +91 265 6198 111



IPO Registrar Info:
Link Intime India Private Limited
C 101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli (West)
Mumbai- 400 083
Maharashtra, India
Telephone: +91 22 4918 6200/ +91
81 0811 4949